India News | Delhi HC Stays Centre's Orders for Investigation into 9 Companies Relating to Sahara Group

New Delhi, Dec 16 (PTI) The Delhi High Court has stayed the operation and implementation of two orders of the Centre for investigation into nine companies related to the Sahara Group.

A bench of Chief Justice D N Patel and Justice Jyoti Singh said it was of the view that petitioners Sahara Housing Investment Corporation Ltd and others have made out a prima facie case for grant of interim relief and the balance of convenience is also in their favour and if the interim relief is not granted, irreparable loss shall be caused to them.

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The high court also issued notice to the Centre and asked it to file response to the petition.

The court stayed the Centre's October 31, 2018 and October 27, 2020 orders till the next date of hearing, that is, January 18.

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"... We hereby stay the operation, implementation and execution of the orders dated October 31, 2018 and October 27, 2020, passed by the respondents as well as subsequent actions and proceedings initiated pursuant thereto, including coercive proceedings and look-out notices, qua the petitioners herein, till the next date of hearing," the bench said.

It further said, "There was thus a clear mandate by the Central Government to complete the investigation within three months from the date of the issue of the order, that is, October 31, 2018. However, the investigation was not completed within the stipulated time and as asserted by the petitioners, the same is still ongoing. Prima facie, there is violation of Section 212(3) of the Companies Act and the direction of the Central Government."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)